Baltics CP: Maxima



Project number:


Business sector:


Notice type:


Environmental category:


Approval date:

10 Mar 2021



PSD disclosed:

17 Mar 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The Bank has invested EUR 4.2m in the commercial paper ("CP") issuance by the leading Baltic retailer Maxima Grupe UAB (the "company" or "issuer"). The size of the issuance is EUR 40m and the CP has a maturity of 12 months.

Project Objectives

The CP will be used to finance the issuer's working capital needs. The Bank's presence is expected to provide confidence to investors by supporting the first ever CP issuance in the Baltic States and supporting a successful first CP issuance by the company.

Transition Impact

ETI score: 63

This is the first sub-project under the EBRD Baltics CP Framework and supports primarily the development of the local capital market under the "Resilient" quality. It also improves standards of transparency and disclosure under the "Well-governed" quality.

Client Information


Maxima Grupe UAB is the leading retail chain in the Baltic states and the owner of the Maxima retail chain in the Lithuania, Latvia and Estonia, the Stokrotka chain in Poland, the T-Market chain in Bulgaria and e-grocer Barbora. The company is part of the Vilniaus Prekyba group, one of the largest retail groups in the Baltics and Central and Eastern Europe.

EBRD Finance Summary

EUR 4,200,000.00

Total Project Cost

EUR 40,000,000.00


The EBRD's support is important in order to contribute to the first issuance of the commercial paper in the Baltic states, which is expected to have a strong demonstration effect on market participants and serve as a reference point and benchmark for future CP issuances in the Baltic states. The EBRD's participation is expected to provide additional support for the issuance and to provide comfort and institutional credibility to potential investors.

Environmental and Social Summary

Categorised B (ESP 2019). Environmental and social due diligence for this project was undertaken internally and comprised review of documents submitted in the context of the first project with the Company, and annual reporting provided subsequently. The Company has a number of policies and procedures in place for the management of environmental, social, quality and supply chain issues including international management standards such as ISO14001 and ISO50001. National law and EU requirements are being met across all operations. The Social Accountability (SA8000) and Corporate Responsibility (AA1000) standards are currently being implemented.  The Company operates a bespoke system for management of health and safety and reporting provided to date demonstrates that the Company has a clear understanding of key health and safety issues and monitors incidents and accidents in detail. At the time of approval of the first project with the Company, an environmental and social action plan was agreed covering two points - membership of the UN Global Compact and development of a GRI compliant sustainability report. The Company has completed is application of membership of the Global Compact as agreed and continues works on the development of the report with a target of 2021 for first release. Throughout all Maxima Group companies information on environmental and social issues is shared via the news sections of companies' official websites as well as through social media and local press. The Maxima Group also produced its annual report for the 2019 financial year, which includes a Corporate Social Responsibility (CSR) section summarising all environmental and social initiatives the Maxima Group has rolled out through the year. The Company will be required to continue to comply with the Bank's PR's, complete the ESAP as agreed, and provide annual E&S reporting to the Bank.

Technical Cooperation and Grant Financing


Company Contact Information

Vitalij Rakovski
+370 669 00118
Savanoriu ave. 5, LT-03116, Vilnius, Lithuania

PSD last updated

17 Mar 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


Share this page: